Goodwill Amortisation and CT600
We own a small retail business and post office that we purchased through our Ltd company and have been writing off the goodwill over 5 years because of uncertainty of the future of the Post Office and offsetting this against the P&L and therefore reducing our corporation tax bill.
My accountant has said that from 2011 amortisation of intangible assets (Goodwill) can no longer be treated this way and has to be added back into the profit/loss value for the purpose of calculating corporation tax, he stated that it is now treated as "Loses on Disposal of Assets"
I am not an accountant but I cannot find anything on HMRC site that says Goodwill Amortisation has to be treated differently so am hoping some one can provide some guidance for me as I have a feeling he is not providing me with the correct information but of course I could be wrong.
Thanks
Julian



The rules have not changed